Solana Price (SOL) Hits $150: Market Dips Look Tempting
15 July 2024 - 3:28PM
NEWSBTC
Solana started a steady increase above the $135 zone. SOL price
broke the $150 resistance and is now consolidating gains. SOL price
started a decent upward move above the $135 resistance against the
US Dollar. The price is now trading above $145 and the 100-hourly
simple moving average. There is a connecting bullish trend line
forming with support at $147 on the hourly chart of the SOL/USD
pair (data source from Kraken). The pair could correct lower, but
the bulls might remain active near $147 or $143. Solana Price Jumps
Over 5% Solana price managed to start a fresh increase above the
$125 pivot level. SOL gained pace for a move above the $132 and
$135 resistance levels, like Bitcoin and Ethereum. The price even
cleared the $145 resistance and surpassed the $150 hurdle. A high
was formed at $152.05 and the price is now consolidating gains. It
is trading well above the 23.6% Fib retracement level of the upward
move from the $134 swing low to the $152 high. Solana is now
trading above the $145 level and the 100-hourly simple moving
average. There is also a connecting bullish trend line forming with
support at $147 on the hourly chart of the SOL/USD pair. On the
upside, the price might face resistance near the $152 level. The
next major resistance is near the $155 level. A successful close
above the $155 resistance could set the pace for another steady
increase. The next key resistance is near $165. Any more gains
might send the price toward the $172 level. Are Dips Limited in
SOL? If SOL fails to rise above the $152 resistance, it could start
a downside correction. Initial support on the downside is near the
$150 level. The first major support is near the $147 level and the
trend line. A break below the $147 level might send the price
toward $143 or the 50% Fib retracement level of the upward move
from the $134 swing low to the $152 high. If there is a close below
the $143 support, the price could decline toward the $138 support
in the near term. Technical Indicators Hourly MACD – The MACD for
SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI
(Relative Strength Index) – The RSI for SOL/USD is above the 50
level. Major Support Levels – $147 and $143. Major Resistance
Levels – $152 and $155.
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